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News Focus - GEIS paper warns of increased US coastal risks.
(From Reinsurance)
The enormous growth in US coastal population and development is dramatically increasing the potential for insured losses, according to a new paper from General Electric Insurance Solutions (GEIS).
"Demographic trends in Florida and other coastal locations, as well as the likelihood of increased frequency and severity of storms, should remind the (insurance) industry of the growing exposures it will continue to face. The cost of hurricanes will rise - sooner or later surpassing even those of Hurricane Katrina," says the paper, entitled 'Coastal Warning: The Rising Costs of Hurricane Frequency and Severity.'
Kenneth Slack, senior underwriter, global property/catastrophe reinsurance and Larry Spoolstra, chief underwriting officer for North America and Asia Pacific property/casualty reinsurance at GEIS co-authored the paper.
The authors say that although there's a perception that Hurricane Katrina created an insured loss that was unforeseen, it was actually still well within the expected range of events anticipated by the insurance industry.
According to Slack and Spoolstra, the industry is well capitalised, and is therefore ...
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